Strs Ohio Acquires New Stake in Tanger Inc. $SKT

Key Points

• Strs Ohio has taken a new position in Tanger Inc. (NYSE:SKT) by purchasing 19,900 shares valued at approximately $672,000 in the first quarter.
• In addition to Strs Ohio, several other investors have significantly increased their stakes in Tanger, with notable rises up to 3,451.2% in holdings from some investors during the same quarter.
• Tanger Inc. reported $0.58 earnings per share for the last quarter, exceeding estimates, and announced a quarterly dividend of $0.2925, resulting in an annualized dividend yield of 3.5%.

Strs Ohio acquired a new stake in shares of Tanger Inc. (NYSE:SKT - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 19,900 shares of the real estate investment trust's stock, valued at approximately $672,000.

Other institutional investors also recently modified their holdings of the company. NBC Securities Inc. purchased a new stake in shares of Tanger during the first quarter valued at $30,000. Caitong International Asset Management Co. Ltd boosted its position in Tanger by 3,451.2% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust's stock worth $49,000 after purchasing an additional 1,415 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in Tanger in the fourth quarter worth about $68,000. Quarry LP boosted its position in Tanger by 2,296.1% in the first quarter. Quarry LP now owns 3,043 shares of the real estate investment trust's stock worth $103,000 after purchasing an additional 2,916 shares during the last quarter. Finally, Contravisory Investment Management Inc. boosted its position in Tanger by 1,027.9% in the first quarter. Contravisory Investment Management Inc. now owns 5,628 shares of the real estate investment trust's stock worth $190,000 after purchasing an additional 5,129 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SKT has been the topic of several research reports. LADENBURG THALM/SH SH initiated coverage on Tanger in a research report on Friday, July 18th. They issued a "buy" rating and a $35.00 target price on the stock. Barclays raised their target price on Tanger from $33.00 to $34.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 27th. Wall Street Zen raised Tanger from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Evercore ISI raised their price objective on Tanger from $33.00 to $35.00 and gave the stock an "in-line" rating in a research note on Monday, September 15th. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $36.70.

Tanger Stock Down 0.6%

Shares of SKT traded down $0.21 during trading hours on Monday, hitting $33.20. The company had a trading volume of 210,957 shares, compared to its average volume of 943,719. The company has a market capitalization of $3.76 billion, a PE ratio of 37.73, a price-to-earnings-growth ratio of 2.16 and a beta of 1.34. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 2.31. Tanger Inc. has a one year low of $28.69 and a one year high of $37.57. The company's fifty day moving average price is $32.69 and its two-hundred day moving average price is $31.67.

Tanger (NYSE:SKT - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, topping the consensus estimate of $0.56 by $0.02. Tanger had a return on equity of 15.45% and a net margin of 18.22%.The firm had revenue of $133.44 million during the quarter, compared to analyst estimates of $132.02 million. During the same period in the previous year, the company posted $0.53 EPS. The business's revenue for the quarter was up 9.2% compared to the same quarter last year. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. As a group, equities analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were paid a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a yield of 3.5%. The ex-dividend date was Thursday, July 31st. Tanger's payout ratio is presently 132.95%.

Insiders Place Their Bets

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of the business's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $34.74, for a total transaction of $607,950.00. Following the sale, the executive vice president owned 92,665 shares in the company, valued at approximately $3,219,182.10. The trade was a 15.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.70% of the company's stock.

Tanger Company Profile

Tanger Inc NYSE: SKT is a leading owner and operator of outlet and open-air retail shopping destinations, with over 43 years of expertise in the retail and outlet shopping industries. Tanger's portfolio of 38 outlet centers, one adjacent managed center and one open-air lifestyle center comprises over 15 million square feet well positioned across tourist destinations and vibrant markets in 20 U.S.